The “New” Canada Groceries Essentials Benefit

We all know the price of groceries has risen faster than most incomes. Given that, and the promise to address affordability in the last election, the federal government announced an enhancement to the existing GST/HST Credit including a one time top-up. Recall, this has been done before during the pandemic. However, buried in this announcement was an important 2025 tax filing change, as well, another example of “tax change by news release” that makes complicates tax compliance. Here’s what you need to know:

Tax is a trigger for affluent families. They seek credible, trusted, and expert solutions to their investment strategies and expect to work with professionals who can increase returns with tax efficiency.

Richard Yasinski is a DFA-Tax Services Specialist and a Certified Financial Planner (CFP) who offers financial planning on the cutting edge. “What makes our firm unique is that we focus on not just financial planning, but tax planning, estate planning, education planning – all aspects of personal financial planning that I think everyone should be interested in.”

The prescribed interest rates for October 1 to December 31, 2015, remain unchanged on overdue taxes and tax overpayments, and for calculations of taxable benefits and shareholder loans. However, the interest rates on PLOI – Pertinent Loans or Indebtedness –have been reduced this quarter.

Service Canada has just announced the fourth quarter rates for Old Age Security.

Donor beware: A charity’s charitable status can be revoked if the charity does not maintain the direction and control of its assets when dealing with another foreign charity intermediary. This requirement was underscored in a recent case at the Federal Court of Appeal (FCA).

Canadians donated close to $11 billion to charity in 2010 according to Statistics Canada. Becoming more philanthropic and giving more to causes that are important to them, like the current refugee crisis or environmental issues, should be top of mind in year-end tax planning conversations, given the significant tax rewards associated with giving.